Move Paves the Way for Further Trade and Investment Between Neighboring Countries

MOSCOW—Russia and China have opened a currency-swap line, paving the way for further trade and investment between the neighboring countries, Russia’s central bank said on Monday.

Russia has stepped up efforts in recent months to develop closer ties with China after relations with the West deteriorated over the situation in Ukraine. Western sanctions, aimed at punishing Russia for the annexation of Crimea and its support of anti-Kiev rebels in eastern Ukraine, have effectively removed it from the global borrowing markets. The...